Instructions For Form 500 - Maryland Corporation Income Tax Return

the current (short) tax year or 110% of the tax

Do not attach amended returns to an original

responsible for the timely filing of returns,

that was developed for the prior tax year. The

corporation income tax filing.

payment of tax, responding to requests and all

minimum estimated tax for each of the

other require ments, even if a paid preparer is

NOTE: Changes made as part of an amended

installment due dates is the total estimated tax

used.

return are subject to audit for up to three years

required divided by the number of installment

Substitute Forms Maryland corporation

from the date that the amended return is filed.

due dates occurring during the short tax year.

income tax returns may be reproduced or filed

Federal Adjustments If the items of federal

For additional information regarding estimated

on computer-prepared or computer-generated

taxable income reported for any tax year or

income tax, see the instructions provided with

substitute forms provided that they are approved

period are adjusted by the IRS and will increase

Form 500D.

in advance by the Maryland Revenue

Maryland taxable income, an amended return

Administration Division. Reproductions or

Audits and Appeals

All items reported on

together with a copy of the final IRS adjustment

substitutes of forms in which machine-readable

Form 500 are subject to audit, verification and

report must be submitted within 90 days.

taxpayer information has been preprinted by the

revision, including items reported for federal

Revenue Administration Division may not be

Each affected member of a consolidated fed-

purposes. Returns and amendments are subject

used.

eral filing must also include a schedule

to audit and adjustment for a period of 3 years

reconciling the separate adjustments of each

from the date the return was due (including

For additional information, see Administrative

member corporation to the consolidated totals.

extensions) or the date the return was filed,

Release 26, Procedures for Computer-Printed

whichever is later.

Substitute Forms, at

Refund Claims Generally, a claim for a refund

(amended return) must be filed within 3 years

In the event of revision and assessment or

E m p l o y e r W i t h h o l d i n g o f I n c o m e

from the date the original return was filed or

reduced refund, the Comptroller will notify the

Tax

Employers that make payments to

within 2 years from the date the tax was paid,

cor poration. If in disagreement with the

individuals of salaries, wages, or compensation

which ever is later. A return filed early is

assessment or denial of the refund, the

for personal services must withhold income tax

considered filed on the date it was due.

corporation may file with the Compliance

as prescribed in published tables and remit the

Division a written request for revision of the

withholding to the Maryland Revenue

If the claim for refund resulted from an IRS

assessment or reconsideration of the refund

Administration Division with Form MW506 or

adjustment or final decision of a federal court

denial. The request, in either case, must be

MW506M - Employer’s Return of Income Tax

which is more than 3 years from the date of

done by submitting an applica tion for an informal

Withheld.

filing the return or more than 2 years from the

hearing with the Compliance Division within 30

time the tax was paid, a claim for refund must

An annual reconciliation is required to be filed

days of the assessment or denial of the refund.

be filed within 1 year from the date of the

on Form MW508 - Annual Employer Withholding

adjustment or final decision.

Failure to file a written request or attend the

Reconciliation Returns and submitted with the

in formal hearing will result in the assessment or

state copy of the wage and tax statements

A claim for refund based on a federal net

denial of refund becoming final and non-

issued to the employees as required by law.

operating loss carryback must be filed within 3

appealable.

years after the due date of the return for the tax

For additional information regarding employer

year of the net operating loss.

You may file an appeal with the Maryland Tax

withholding tax, contact the Maryland Revenue

Court within 30 days of a final determination by

Administration Division. (See back cover of tax

Taxpayer Identification Required for Returns

the Compliance Division hearing officer.

booklet for address and phone number.)

and Ot he r D oc um e nt s A l l

r e tu r n s ,

correspondence, payments or other documents

Amended Returns

To correct an error in a

Privacy Notice The Maryland Revenue

must indicate the corporation name, federal

pre viously filed return, complete and submit

Administration Division requests tax return

employer identification number (FEIN), type of

Form 500X - Maryland Amended Corporation

information to administer the income tax laws of

tax and tax year(s) to which the document

Income Tax Return. Attach copies of the

Maryland, including the determination and

relates.

documents required and filed with the IRS. If the

collection of the correct taxes and other

corrections affect only the Maryland return and

amounts. Failure to provide all or part of the

All corporations are required to secure a FEIN

not items of federal taxable income, include a

requested information may result in the

from the IRS. The FEIN is the number used by

thorough explanation of the changes.

disallowance of claimed amounts and an

the IRS for processing purposes and is also the

increased tax liability. In addition, the law makes

primary number used by the Maryland Revenue

Each affected member of a consolidated fed-

provision for securing information from

Administration Division. For returns filed without

eral filing must also include a schedule

taxpayers that fail to supply required information,

the federal number a temporary number will be

reconciling the amendments of each member

and a penalty may apply.

assigned for processing purposes until the

corporation to the consolidated totals.

actual number is provided.

Taxpayers have a right to access their tax

Federal income tax law provides for both a

records maintained by the Revenue Adminis-

The type of tax and tax year(s) are necessary

capital loss carryback and carryover. Any

tration Division, and may inspect, amend or

to identify the subject of the document and the

carryover is effectively allowed when reporting

other wise correct them. To obtain a copy of

intention of payments. This information ensures

federal taxable income on the Maryland return.

such tax records, submit a written request

that documents and payments are applied to

The carry back deduction is not allowed on the

containing the corporation name, address and

the correct account.

Maryland return and must be added to federal

identification number and specifying the

taxable income.

Use of Paid Preparers

The corporation is

information needed. The request must be

TAXABLE INCOME WORKSHEET

1. Enter the federal taxable income before any net operating loss (NOL) deduction and/or

Special Deductions from the federal return. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ _____________

2. Enter the amount of any Special Deductions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ _____________

3. Subtract line 2 from line 1 and enter here. If zero or less than zero, STOP. Enter

this amount on line 1 of Form 500. If greater than zero, continue to line 4. . . . . . . . . . . . . . . $ _____________

4. Enter the amount of any NOL deduction and Foreign Dividend Subtraction

Carryforward. (See Administrative Release 18.). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ _____________

5. Subtract line 4 from line 3 and enter here. If less than zero, enter zero. Enter this

amount on line 1 of Form 500. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ _____________

Instructions For Form 500 - Maryland Corporation Income Tax Return - 2011 Page 5

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